We all know by now that identity theft is a significant problem that needs to be taken seriously. Identity theft crime is growing and, thus, so is the amount of advice on how to avoid becoming a victim of one of these crimes.

But what do you do if your sensitive personal information has been compromised and you have become a victim of identity theft?

If and when you suspect that you are a victim of identity theft, there are several things that you can and should do as soon as possible. See the list of specifics below for tips on how to handle the situation.

Checklist to recover from identity theft

• Notify each credit card company, bank, or credit union that is involved.
  
  
• Close all accounts that have been accessed by the thief to prevent further fraudulent charges.
  
  
• Contact each of the three major credit bureaus (TransUnion, Experian, and Equifax) and ask them to place a fraud alert on each of your accounts. Speak with someone in the fraud department of each bureau directly. The representative for each company may have helpful suggestions for you.
  
  
• File a formal complaint with the FTC (Federal Trade Commission).
  
  
• If you think that you have been a victim of stolen mail, report mail theft to the postal authorities. Mail theft is a crime. You can also complete and submit a police report as well as any other forms that might be required or suggested by the authorities.
  
  
• Ask for advice and guidance from a lawyer if you have one. It is important to deal with the situation properly. This is especially true if the identity thief has been using your information for multiple thefts.
  
  
• Monitor your credit report from the point of discovery even beyond the point where the matter is cleared up. Maintain records of all correspondence and phone calls relating to the theft. Consider protecting yourself in the future by signing up with a identity protection service to watch your financial affairs on a daily basis. In your case, this is very important once your financial security has been breached.
  
  
• Change every password on affected accounts, and even consider changing those that have not been tampered with yet. Create new passwords for all accounts that you keep open and for any accounts that you open for the first time. This includes all of your credit and bank accounts.
  
  
• If the theft involves your securities investments or brokerage accounts, report it to the SEC (Securities and Exchange Commission) as well as your broker or account manager.
  
  
• Contact your cell phone line service provider to see if unauthorized calls are being made and to notify them of the possibility of problems.
  
  
• Contact your wireless service to check for any new accounts in your name. Ask them to be on the alert and to call you and double check with you before making any changes in your accounts to verify them.
  
  
• Report both the identity theft and the misuse of your social security number to the Social Security Administration's fraud department.
  
  
• If you suspect that your driver's license might be involved as well, contact the Department of Motor Vehicles.
  
  
• Unfortunately, if the police send you any citations or provide you with a warrant, you may need to contact a lawyer to resolve the issue.
  
  
• Contact the U.S. Trustee Program in your section of the country to report a suspected fraudulent bankruptcy using your name.

The path to restoring your credit can be a long and tedious one. The more damage the identity thief has inflicted on your personal finances, the longer it usually takes to resolve the issues. 

Act as fast as you can. One of the most important things to remember is that you should never let your guard down. Even if you think the problem is solved, remain vigilant as the problems can sometimes resurface.